BOSTON, June 26, 2012 /PRNewswire/ -- Atlantic Power
Corporation (NYSE:AT) (TSX:ATP) (the "Company" or "Atlantic Power")
announced today that it has commenced an underwritten public
offering of 5,500,000 common shares of the Company. Morgan
Stanley is acting as sole bookrunner with respect to the offering
of common shares.
The Company intends to use the net proceeds from the common
share offering, together with the net proceeds of its concurrent
offering of US$130 million aggregate
principal amount of convertible debentures, to fund the Company's
equity commitment in Canadian Hills, its approximately 300 MW wind
energy project under construction in the State of Oklahoma. Any remaining net proceeds
will be used to fund additional growth opportunities and for
general corporate purposes.
The common shares will be issued pursuant to an effective Form
S-1 registration statement previously filed with the SEC and
pursuant to a base PREP prospectus previously filed in each of the
provinces of Canada, except
Prince Edward Island and
Quebec. Copies of the prospectus relating to the offering of
common shares may be obtained from Morgan Stanley & Co.
Incorporated, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention:
Prospectus Department, telephone: 866-718-1649 or by e-mail at
prospectus@morganstanley.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About Atlantic Power
Atlantic Power is a leading publicly traded, power
generation and infrastructure company with a well-diversified
portfolio of assets in the United
States and Canada. The
Company's power generation projects sell electricity to utilities
and other large commercial customers under long-term power purchase
agreements, which seek to minimize exposure to changes in commodity
prices. The net generating capacity of the Company's projects is
approximately 2,140 MW, consisting of interests in 31 operational
power generation projects across 11 states and 2 provinces and an
84-mile, 500 kilovolt electric transmission line located in
California. In addition, the
Company has one 53 MW biomass project under construction in
Georgia and one approximate 300 MW
wind project under construction in Oklahoma. Atlantic Power also owns a majority
interest in Rollcast Energy, a biomass power plant developer in
Charlotte, NC. Atlantic Power is
incorporated in British Columbia,
headquartered in Boston and has
offices in Chicago, Toronto, Vancouver and San
Diego.
Forward-Looking Statements
This news release may include forward-looking statements within
the meaning of the federal securities laws and forward-looking
information under Canadian securities laws (referred to as
"forward-looking statements"). These statements can generally be
identified by the use of the words "outlook," "objective," "may,"
"will," "should," "could," "would," "plan," "potential,"
"estimate," "project," "continue," "believe," "intend,"
"anticipate," "expect," "target" or the negatives of these words
and phrases or similar expressions that are predictions of or
indicate future events or trends and which do not relate solely to
present or historical matters. In particular, Atlantic Power's
intention to complete the offering and to use the proceeds as
described above constitute forward-looking statements.
Forward-looking statements reflect Atlantic Power's current
expectations regarding future events and speak only as of the date
of this news release. These forward-looking statements are based on
a number of assumptions which may prove to be incorrect. The
completion of the offering will be subject to market conditions and
the intended use of proceeds from the offering may change from that
described herein. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. A number of factors could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not
limited to, the factors discussed under "Risk factors" in the
filings Atlantic Power makes from time to time with the SEC
and Canadian securities regulators. Atlantic Power's business is
both competitive and subject to various risks. Although the
forward-looking statements contained in this news release are based
upon what Atlantic Power believes to be reasonable assumptions,
investors cannot be assured that actual results will be consistent
with these forward-looking statements, and the differences may be
material. Therefore, investors are urged not to place undue
reliance on Atlantic Power's forward-looking statements. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law,
Atlantic Power assumes no obligation to update or revise them to
reflect new events or circumstances.
For further information please contact:
Atlantic Power Corporation
Amanda Wagemaker, Investor
Relations
(617) 977-2700
info@atlanticpower.com
SOURCE Atlantic Power Corporation